Bangalore: In a bid to rescue the debt-ridden Kingfisher Airlines, Vijay Mallya is likely to sell a part of his stake in his flagship liquor business to Dutch brewery giant the Heineken, reports The Financial Times.
Report further revealed that Mallya was close to selling 13 per cent of United Breweries (UB) Ltd, worth about $370 million at current market prices to Heineken. Most interestingly, the deal could give complete control of United Breweries to Heineken.
Meanwhile, senior officials from Kingfisher airlines slammed speculative media reports saying Mallya has not decided any knock off his shares in United Breweries.
The India's second largest private airlines has been suffering from massive financial crisis since last year with a total debt of Rs 7,057 crore. The carrier's management have repeatedly assured that it is in talks with potential investors, but nothing has materialised to date.
29/03/12 One India
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